We essentially took what would have been the buying agents commission and split it 3 ways. 

I could cancel the policy but still have my policy paperwork  and tell you I'm insured. ( My agent wouldn't allow this.

They will handle all of the paperwork for you.PM me if you need more info.

Fill out all paperwork and mock all filings the same as you would in a real deal.  

Learning so much from this open dialogue.Just for the sake of understanding all scenarios, LC's would essentially be "Non-recourse" loans correct?   

The lawyers handle that, and it's because of the 'due on sale' clause in the financing paperwork.

MSA stands for Metropolitan Statistical Area, it is essentially the area around a city that is effected by socially and economically by its relationship to that city.

Right now, I live in an apartment and am essentially throwing away money, so investing in a tri- or 4-plex would be ideal.

Its just knowing which ones to use to get what you want and what the pro's and con's are between each product given the goals you're trying to accomplish.A lot of bankers and independents in socal broker to TCF like Chris mentions above.I've had good experience getting rental income to be used in similar context to the above mentioned.The formula is simple for rentals that dont yet show up on your tax return its 75% of gross income minus PITIA (principal/interest/taxes/insurance/assessments) to arrive at your net income figure that will either be added to your income column if its positive or a liability to be qualified for if its negative.In cases where you just want to do a cash out refinance loan you could use 1 year tax program with Freddie Mac to avoid having to average both your 2015 and 2014 which causes more paperwork and more things for an underwriter to sift through and demand verifications and documentation on.The nice part about using a 1 year tax program for self employment or realtor income (in your case) is that since there is only 1 year tax for your self employment we only need to use 1 year tax income on your rentals  as well which is a little known secret in the residential conventional lending world.This is great when you have a great 2015 or past return but your 2014 or 2 year ago return was not as good.

I sent in all the paperwork to the bank and so far all is good.